USDCAD breaks back above 200 day MA. Stops send price higher.
The sleeping bear awoken but buyers take over.
The USDCAD was sleeping in a narrow trading range and below the 200 day MA. The pair woke up a bit when the 200 day MA was broken at 1.32687, and that led to some stops being triggered and the price moving to a new high at 1.32887. We currently trade at 1.3282.
The pair has a top side trend line at 1.3294 as the next target.
Taking a broader look at the 4 hour chart, the move higher has taken the price also above the April 17 swing low at 1.3274. That and the 200 day MA are now risk levels for the new buyers. Stay above and the pair could have bottomed - at least for now - and we could see more upside momentum toward 1.3300 and then the 38.2% of the move down from the last swing high at 1.33112.